To be hellishly awesome. One of the greatest and cheesiest ways of describing something cool that most likely has something to do with the '80s. You "Aqua Teen Hunger Force" fans know exactly what I mean...
Also can be said to alert others of a nice beard in the area.
"Holy shit! Did you see that wycked wizard fighting an orc on the moon with lightning poster?"
(Some dude walks by with a beard that looks like its from a fantasy novel series) (Friend looks at other friend with an impressed look on his face), "Wycked..."